What public Sector Bodies can expect from their Auditors - Essay Example

Extract of sample What public Sector Bodies can expect from their Auditors

Auditors often provide added value by noting an opportunity for cost-efficient improvements which may arise from the auditors’ investigation and bring these issues to the attention of the management. Thus, it is expected that public auditors should endeavor to promote better decision making and management wherever possible, in order to effect a more efficient use of public resources.
Proper auditing in the public sector is essential for maintaining the confidence of the general public during any tenure of managing public funds, and should be carried out to ensure accountability of those entrusted with public funds. On their own part, Malaysian public sector auditors should be accountable for their performance, and it is the duty of public sector auditors to undertake their auditing work in an objective, cost-effective and professional manner, with due regard to the needs of the public sector bodies that they audit. The primary audience of the public sector auditors includes the local electorates, the taxpayers and the parliament, as their statutory functions are executed on behalf of the taxpayers. It is essential for public sector auditors to thoroughly plan each audit with a good understanding of the operational environment.
The major value of financial statement auditing comes from the assurance provided to taxpayers due to objective and rigorous auditing. The service provided by public sector auditors also provides value by causing an improvement of financial management. It is important for auditors to endeavor to promote better decision making and management whenever possible, so as to enable better and more effective use of public resources (Kamaruzaman Jusoff 2010). This can be achieved by the dissemination and highlighting of good practice and the provision of technical assistance which will help to promote efficiency in corporate governance arrangements in the public sector in Malaysia. As set down by the statement of auditing 100,
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Summary

The paper will investigate how value can be added by reporting in a fair and appropriate manner, how mutual understanding can be achieved in the planning process and…

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In the first section of the project the needs and objectives of the public sector accounting has been discussed along with a comparison with the objectives of non-public sector organizations. The second section of the project describes the laws and regulations governing public sector financial statements preparation and disclosures as well as the financial disclosures of a non-public entity.

Whereas equity champions fir the protection of the interests of all members of the society with emphasis on the minority and the disadvantaged, efficiency calls for proper use of resource in attaining the objectives of the projects.

This provision requires that the government act as an employer, in a bid to ensure that it fulfils its duties and responsibilities to the public. The public sector comprises of public employees, working in state firms and agencies. These firms and agencies offer various services and provide public goods to the public.

In any environment, especially in public sector management, it is necessary to make the business reconcile with the human values, and thus corporate governance becomes the challenge for many companies in the public sector, as finding the correct strategy of corporate governance often determines the financial and other indices of the company.

As there is a need for proper understanding between public sector bodies and their auditors, including the various roles of public sector bodies and auditors, there should be cooperation between them in order to facilitate efficient arrangements for auditing.

This observation provides the hypothesis for the research paper that measuring the performance of the public sector is more difficult compared with measuring the performance of the private sector.
The discussion has five parts. First, organisational types and the importance of performance measurement are linked together and discussed.

instance, most executives own significant shares of company stock or are required to display tangible increases in revenue in order to receive pay raises. Exactly the opposite is true of public sector employees. In the public sector, upper-level salaries are more related to

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9 pages (2250 words)Essay

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